-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下：FCX公布的第一季度调整后每股收益为0.57美元，高于去年同期的0.24美元，超出市场预期0.10美元；营收为62.3亿美元，同比增长9%，超出市场预期2.77亿美元。铜价上涨30%至每磅5.78美元，黄金价格上涨59%至每盎司4,889美元，抵消了因印尼产能下降导致的铜产量下降24%和黄金产量下降66%的影响。尽管面临生产挑战，FCX的营业收入仍增长64%至21.37亿美元，这表明其业绩与大宗商品价格密切相关。不过，我们也注意到，在价格疲软的环境下，这种利好因素可能会产生负面影响。由于格拉斯伯格矿重启延迟，FCX将2026年铜产量预期下调至31亿磅（减少3亿磅），黄金产量预期下调至65万盎司。修订后的时间表计划在2026年下半年达到65%的产能，2027年年中达到80%，并在2027年底实现满负荷运转，这比之前的预期有显著延迟。第一季度浸出技术贡献了5400万磅的产量，支撑了2026年3亿磅的产量目标和2030年8亿磅的产量目标，同时，地域多元化持续为现金流提供稳定性。
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Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.
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Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled
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Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.
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